If you’ve already created an estate plan, you’re well on your way to a secure future. After creating an estate plan, it should be reviewed every 3 to 5 years. However, your plan may need to be reviewed sooner.
Take a look at some of the reasons you may need to review your estate plan. If you have any questions or if you’d like to review and update your estate plan, meet with an estate planning attorney.
Reasons you should contact your attorney for an estate plan review:
- Family changes – Family changes can have a significant impact on your estate plan. If you’ve recently adopted or given birth to a child, you will need to make sure that he or she is protected. You also need to take care and make sure that you review and update your plan if you’ve recently gotten re-married or have gotten divorced. This will ensure that your assets are given to the right people.
- Financial changes – If you’ve experienced significant changes in your financial situation, you will need to review and update your estate. This will ensure that your estate plan matches your new financial situation.
- Location changes – If you’ve moved to a new state, you may need to update your planning. Not all state laws are the same, and you want to make sure that you’re protected no matter where you live. Consult with you estate planning attorney about your move to see what needs to be changed.
- Death – If someone listed in your estate plan has recently died, you need to make updates. This is especially true if one of your trusted helpers (executor, agent, trustee) has died. You will also want to review and update your plan if a beneficiary has died.
Additionally, there may be law changes that will play a part in your current estate plan. This is why it’s important to regularly meet with your attorney to review your plan. Your attorney will be able to guide you throughout any needed updates.
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